Samsung SDI jumped more than 8% in early trading on the 21st. Buying picked up after news that Samsung SDI would supply electric vehicle batteries to Mercedes-Benz for the first time.
As of 9:31 a.m. that day, Samsung SDI was trading at 584,000 won on the Korea Exchange, up 46,000 won (8.55%) from the previous session. It rose to 585,000 won in early trading, hitting a 1-year high.
Samsung SDI said the previous day that it had signed a multiyear contract with Mercedes-Benz to supply next-generation electric vehicle batteries. The company will supply high-performance batteries to be installed in Mercedes-Benz's next-generation electric vehicles.
With this contract, Samsung SDI will supply batteries to all three German automakers—Benz, BMW, and Audi.
Mercedes-Benz plans to install the batteries supplied by Samsung SDI in upcoming compact and midsize electric sport utility vehicles (SUVs) and coupe models as it targets the next-generation EV market.